Principal Financial Group Inc. Sells 3,174 Shares of Park National Co. $PRK

Principal Financial Group Inc. cut its position in shares of Park National Co. (NYSE:PRK) by 4.4% in the third quarter, Holdings Channel.com reports. The firm owned 69,097 shares of the company’s stock after selling 3,174 shares during the quarter. Principal Financial Group Inc.’s holdings in Park National were worth $11,230,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in PRK. State Street Corp lifted its stake in Park National by 8.3% in the second quarter. State Street Corp now owns 673,645 shares of the company’s stock worth $112,674,000 after purchasing an additional 51,381 shares during the last quarter. Jane Street Group LLC lifted its stake in shares of Park National by 3,571.9% during the 1st quarter. Jane Street Group LLC now owns 50,342 shares of the company’s stock worth $7,622,000 after acquiring an additional 48,971 shares during the last quarter. Laurel Wealth Advisors LLC boosted its holdings in Park National by 16,626.6% during the 2nd quarter. Laurel Wealth Advisors LLC now owns 25,759 shares of the company’s stock valued at $4,308,000 after acquiring an additional 25,605 shares during the period. JPMorgan Chase & Co. grew its position in Park National by 58.4% in the 2nd quarter. JPMorgan Chase & Co. now owns 43,987 shares of the company’s stock valued at $7,357,000 after acquiring an additional 16,211 shares during the last quarter. Finally, Lazard Asset Management LLC grew its position in Park National by 2,670.6% in the 2nd quarter. Lazard Asset Management LLC now owns 6,982 shares of the company’s stock valued at $1,167,000 after acquiring an additional 6,730 shares during the last quarter. 62.65% of the stock is owned by hedge funds and other institutional investors.

Park National Stock Down 0.7%

Shares of Park National stock opened at $172.60 on Thursday. The company has a debt-to-equity ratio of 0.15, a current ratio of 0.94 and a quick ratio of 0.95. The stock has a market cap of $2.78 billion, a price-to-earnings ratio of 18.54 and a beta of 0.74. The firm’s 50-day moving average is $161.97 and its two-hundred day moving average is $161.87. Park National Co. has a 1 year low of $137.97 and a 1 year high of $179.48.

Park National Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 10th. Investors of record on Friday, February 20th will be issued a dividend of $1.10 per share. This represents a $4.40 annualized dividend and a yield of 2.5%. The ex-dividend date of this dividend is Friday, February 20th. Park National’s dividend payout ratio (DPR) is presently 39.57%.

Analysts Set New Price Targets

Several analysts have recently weighed in on PRK shares. Keefe, Bruyette & Woods lifted their target price on Park National from $175.00 to $180.00 and gave the stock a “market perform” rating in a research report on Wednesday, October 29th. Piper Sandler lifted their price objective on shares of Park National from $176.00 to $183.00 and gave the company a “neutral” rating in a report on Tuesday, February 3rd. Finally, Zacks Research upgraded shares of Park National from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, February 4th. One equities research analyst has rated the stock with a Strong Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $181.50.

About Park National

Park National Corporation is a bank holding company whose primary subsidiary, The Park National Bank, provides a full suite of commercial and personal banking services. The company’s main business activities include deposit-taking, commercial and industrial lending, mortgage originations and trust and wealth management services. Park National aims to serve the financial needs of businesses, professionals, families and nonprofit organizations across its regional footprint.

Through its subsidiary banks, Park National offers traditional deposit products such as checking and savings accounts, money market accounts and certificates of deposit, alongside loan products including commercial real estate loans, agricultural lending, equipment financing and consumer installment loans.